Ethereum

Ripple chief executive officer Brad Garlinghouse and chief legal officer Stuart Alderoty have expressed support for Ethereum as the U.S. Securities and Exchange Commission opened investigations against <a href="https://coingape.com/breaking-ethereum-foundation-under-investigation-by-a-state-authority/" target="_blank" rel="noopener noreferrer nofollow">Ethereum Foundation</a>, waging a legal campaign to classify Ether (ETH) as security.
Ripple executives backing Ethereum is a surprising move for some crypto participants considering anti-XRP replies from Ethereum creator Vitalik Buterin when the SEC filed a lawsuit against Ripple in 2020.
<img decoding="async" class="aligncenter wp-image-187380" src="https://coingape.com/wp-content/uploads/2024/03/screenshot-twitter.com-2024.03.22-13_12_01.png" alt="Vitalik Buterin Ethereum" width="733" height="705" srcset="https://coingape.com/wp-content/uploads/2024/03/screenshot-twitter.com-2024.03.22-13_12_01.png 819w, https://coingape.com/wp-content/uploads/2024/03/screenshot-twitter.com-2024.03.22-13_12_01-300x289.png 300w, https://coingape.com/wp-content/uploads/2024/03/screenshot-twitter.com-2024.03.22-13_12_01-768x739.png 768w, https://coingape.com/wp-content/uploads/2024/03/screenshot-twitter.com-2024.03.22-13_12_01-150x144.png 150w" sizes="(max-width: 733px) 100vw, 733px">
<h2 id="ripple-ceo-brad-garlinghouse-says-sec-to-lose-war-similar-to-xrp">Ripple CEO Brad Garlinghouse Says SEC to Lose War Similar to XRP</h2>
The US SEC has faced backlash from the <a href="https://coingape.com/grayscale-ceo-defends-ethereum-against-potential-sec-security-label/" target="_blank" rel="noopener noreferrer nofollow">crypto community</a> and congressmen for probing companies related to Ethereum, including Ethereum Foundation. The move is considered a regulatory action for classifying the second-largest crypto Ether (ETH) as a security. Experts say it’s a political move after Prometheum, the only U.S. SEC-registered crypto securities platform, plans to custody Ethereum (ETH).
Ripple CEO Brad Garlinghouse said the SEC is losing badly in the courts as it picks fights with the crypto industry. Now, there are “fighting fellow regulators like the CFTC, and falling behind international counterparts.” He expressed concerns over the SEC failing to realize that they will lose against ETH as they did against XRP.
Also Read: <a href="https://coingape.com/robert-kiyosaki-slams-peter-schiff-little-financial-knowledge/" target="_blank" rel="noopener noreferrer nofollow">Robert Kiyosaki Slams Peter Schiff For Having ‘Little’ Financial Knowledge</a>
<h2 id="ripple-clo-stuart-alderoty-calls-for-congress-to-intervene">Ripple CLO Stuart Alderoty Calls for Congress to Intervene</h2>
Stuart Alderoty reacted to Brad Garlinghouse’s post on X and further pointed out that the US Congress must intervene. He requests the US Congress to stop funding the SEC, calling the action “insanity.”
Ripple CLO has been a major critic of the regulatory actions and policies of the U.S. SEC under the leadership of <a href="https://coingape.com/tom-emmer-slams-sec-gary-gensler-for-illegal-rulemaking-amid-sab-121-controversy/" target="_blank" rel="noopener noreferrer nofollow">Gary Gensler</a>. Recently, he lambasted the SEC for misleading the court and gross abuse of power assigned by the U.S. Congress in the <a href="https://coingape.com/ripple-coinbase-clo-call-out-sec-misleading-courts-crypto-suits/" target="_blank" rel="noopener noreferrer nofollow">Debt Box&nbsp;case</a>.
Also Read: <a title="Ripple Vs SEC Update: Judge Torres Considers Extending XRP Lawsuit Fair Enough" href="https://coingape.com/ripple-vs-sec-update-judge-torres-considers-extending-xrp-lawsuit-fair-enough/" target="_blank" rel="noopener noreferrer nofollow">Ripple Vs SEC Update: Judge Torres Considers Extending XRP Lawsuit Fair Enough</a>
<h2 id="sec-conflicts-of-interest-with-cftc-on-ethereum">SEC Conflicts of Interest with CFTC on Ethereum</h2>
Commodity Futures Trading Commission (CFTC) Chairman <a href="https://coingape.com/ethereum-news-cftc-contradicts-sec-over-prometheum-custody-of-eth-as-security/" target="_blank" rel="noopener noreferrer nofollow">Rostin Behnam</a> testified before the House Committee on Agriculture, contradicting the decision by the SEC’s claim on classifying ETH as security. He also disagreed with Prometheum’s plan to offer ETH custody services and said, “Both Bitcoin and Ether are commodities.”
Former CFTC Commissioner <a href="https://coingape.com/ethereum-news-ex-cftc-commissioner-calls-sec-approach-on-eth-illegal/" target="_blank" rel="noopener noreferrer nofollow">Brian Quintenz</a> highlighted that the SEC acknowledged Ethereum’s status as a non-security and outside its jurisdiction and the current shift is confusing and harming the investors. While he expressed concerns about potential delays or denials of Ethereum ETFs by the SEC, the earlier approval of Ethereum futures ETFs by the SEC makes its decision as “illegal”.
Also Read: <a title="BTC and ETH Options Worth $2.6B Set to Expire, Bitcoin Traders Buying Calls for $76K" href="https://coingape.com/bitcoin-traders-buying-calls-76k-btc-eth-options-expiry/" target="_blank" rel="noopener noreferrer nofollow">BTC and ETH Options Worth $2.6B Set to Expire, Bitcoin Traders Buying Calls for $76K</a>
The post <a href="https://coingape.com/ripple-ceo-clo-backs-ethereum-cftc-say-sec-to-lose-xrp/" rel="noopener noreferrer nofollow">Breaking: Ripple CEO and CLO Backs Ethereum and CFTC, Say US SEC to Lose</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Breaking: Ripple CEO and CLO Backs Ethereum and CFTC, Say US SEC to Lose

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